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SEC Letter , Here is the DD you wanted.
Gamber has consistently shown a disregard for rules and authority. The SEC will not let this fade away, he can't keep snubbing the SEC. He obviously never responded to their demand in this letter, because they posted this and other items, including a multi-page list of questions and discrepencies they found.
Twin Air was broke and in bankruptcy when it was "taken over" by Avstar, it looks like it is headed back there again while under the control of the same person. (BTW..the details of Gambers "sale" of Twin Air to Avstar is one of the questions the SEC wants clarified) Why won't they respond, what are they hiding?
Many who feel all is good with AAVGE will be happy, and now can pump all you want because this will be among my last posts on the Avstar board, I'll be selling off the rest of my shares over the next few days. This company is headed for disaster.
I'd like to say that I've made some new friends from this board. Many of you have no idea time spend in contact with Avstar, Gamber and Henry in the past, especially by Peorge while developing the investor site, at times he was in contact numerous times during a week. This is what makes thing a bit harder to swallow, the fact that these guys play the game, only to find out they have been mostly lies all along. Now they don't even have the courtesy to answer a phone call or email.
I have a letter formed to send Avstar, but after thinking about it decided just to get out. If they won't respond to threats by the SEC, they are certainly not going to bother with shareholders.
Good Luck to All...
Are you really asking that the Letter from the SEC to Avstar/Gamber be posted here?
I'm just sitting back waiting for the 8K we were promised.
I agree Avstar is still making revenue, I know they are flying at least 3 days a week, two weekdays and one weekend day making Bahama flights and likely more special charters.
The big question is, where do expenses and debt stand at this point, this is why we need the filings. Remember, Avstar owes a substantial amount of money to at least 5 individuals and 2 financial entities. At least 4 of these carry a 12% annual rate, with one of these coming due in September.
A simple 8K, which was promised weeks ago, could explain quite a bit. Financials could explain much more.
I hold millions of shares here and still can't see anything tangible that they sell, there is nothing on the website or link that actually will take you anywhere that sells their product.
World Wide Wipes is a pass through site, which will take you to various sites like Office Depot. etc. I would love to actually see a product!!
Please point me to a web-site where you can order, I can't seem to find it.
I'm not going to harp on the subject, and don't want to keep posting on this. Just saying it doesn't make Avstars case strong with DOT or OFAC to have this SEC thing hanging over their head.
Avstar should be Pro-Active and not just Reactive. Get things done before they are forced into it....
Enough said on the issue.. everyone still has their own take on things and are very capable of making their own decisions.
Does anyone really think that DOT will approve, with SEC action pending? Thats why I say Avstar must get off their as* and get these things caught up. Do you really think that DOT will base an approval on whats in the application alone, without investigating? Has Avstar updated the DOT about departure of a company officer, NO. Have they updated about their address or phone number change, NO. Have they updated the DOT about their plane status, NO. Also, don't you think that if a competitor knows this they won't be more than happy to point it out to DOT....let's be real here, your dealing with the Government that will hold things up if you look at them wrong.
Avstar has been having a real problem keeping anyone updated, good or bad.
Thats whats real n current..
I totally agree with hammering these guys with emails, letters, phone calls, etc.
Some may not agree with my recent posts and think they are too negative, they are just the items I've uncovered to be true.
These guys must satisfy the requirements of the SEC in order for DOT to be approved (in my opinion), based on the fact that DOT requires financials to be current. If Avstar was privately held they would still have to be current with financials. DOT is NOT about air worthiness (thats FAA), DOT IS about financial health and the ability to run regularly scheduled operations without interruption. Because Avstar is a public company they must satisfy the SEC filing requirements for 3 years per DOT. They are presently not current for 2009 and now 2011.
This is the point I have been trying to make. Avstar needs to stop making excuses, telling us it's coming and just get it done. When they can't get the 2009 current, I'm personnally not confident they will get the 2011 done. But, making it known everyone is unhappy, might motivate them a bit.
AAVG
Aztec has CSP (Cuban Service Provider) Status, but not TSP (Travel Service Provider). I'm still trying to figure out the difference. It appears that some of the airlines providing service have both, and some have TSP only. Most Travel Agents have TSP status it seems. There is a 51 page document from the Treasury Dept. which covers all aspects of the licensing for Cuba. Concerning the transfer of another agency's or individuals authority is pretty clear.
This is directly from their Regulations.
"Authorization to engage in travel related transactions involving Cuba is not transferable, and specific licenses are not granted as a matter of right."
What your seeing I believe is the filing date, not when the SEC made the documents public on their site. I know they weren't there one time and then showed up the next. I'm going by their statement on Jan 5, 2012 to Gamber that if he didn't respond by the 1/19 the documents may be made public. If you can figure it out let me know.
Well I do still hold shares and will likely keep them for a while. My best guess is the documents that were release came out about the time that Avstar was filing the NT-10K. The documents were released publically as per the SEC's document states because of Avstar's continued neglect to respond to their demands. The SEC say they are considering what further action to take. I belieive these documents correspond with the selling and drop we saw from the mid 30's to the 20's. Who was selling then is a good question, my guess is someone that knew they were coming out, the only people who would have known is Avstar and the SEC.
Yup, your right, only shared this with a few people, but did continually ask people here to do their DD and dig. Saw no reason to post something that would have obviously caused a sharp drop in the pps. I sent emails to the Avstar team with specific questions for explainations, those questions were not addessed.
OK, if the ONLY issue seen by many here is the late 10K and as some have stated here, they have talked to Henry and everything is good, with new business, more flights, 10K coming, etc. Why aren't these people slapping that ask. Looks like just an attempt at a flipping game now, but that too will fail, just like Avstar is.
I was one of the biggest supporters of this company and one of the most frequent ask slappers, all the way up to the .0036. I bought quite a few of those flipping shares that were on the ask.
In the last few weeks, I gone from 6mil shares to a token amount that I really don't care what happens to them. I'm not supporting this management team any longer.
This company is in trouble, now with that said, most penny companys carry huge debt. I hold some of them and they have done OK, hell some have lawsuits for not paying bills. But these Avstar guys don't only ignore us now, when they do talk or respond you can't believe what they say.
The bottom line here is, they are running an airline, not making websites or building cellphone cases. They can not maint. the operation without good management and some working capitol.
I've been saying here, do some digging, do your DD. There are recently released documents that were previously confidential that show the trouble that this company is really facing. You can't keep snubbing the SEC requests, they WILL take action.
What happens when the current planes come up for required maintainance? Can they afford it? Avstar/Twin Air currently has at least 5 planes mothballed because they can't afford repairs, however they still have lease payments on these planes. Estimated cost of repairs likely close to $500,000. for all.
Just a few things, I could go on and on....
Agreed, as of last early this week there was no new auditor. There has been no attempt to settle with Clay Thomas to retrieve anything from 2011 that he had, materials that he has the right to hold until payment. This would mean that any new auditor would have to start from scratch, if the books/records were available. Unless they brought in an entire staff of auditors, it's not possible (my opinion).
Even if Avstar did file the 2011 - 10K, it is not the end of their SEC problems. (Fact)
EOD, Daytraders unloading, not unexpected.
KRMC
Multi-day mover here, hang on to those shares. Great news out today, may be follow up news out soon!!
KRMC
Try this, it's one of them...
http://www.docstoc.com/docs/76747632/Aircraft-Lease---AVSTAR-AVIATION-GROUP----4-15-2011
I always knew none of the planes held Twin Air registration, but it was interesting to find the actual lease document and 8 pages of terms.
In digging a bit into the aircraft status at Twin Air I came across this....
Apparently all of Twin Air Calypso's planes are leased, none have registered ownership of Twin Air or Avstar. This is not too uncommon.
Avstar/Twin Air is presently leasing planes from Air Charters and Fountainhead Group.
I found a 5 year lease between Air Charters and Twin Air which commenced toward the end of 2010. This lease actually list 7 aircraft by registration numbers, they are four Cessna 402C's and three Piper PA-31's, that Air Charters had delivered to Twin Air. The lease terms are $2,150.00 per month, per plane, payable on the 15th of each month.
Twin Air is responsible for the payment whether the planes are flying or grounded. They are also responsible for all maint. costs.
I have not found any agreement yet with Fountainhead Group, still looking.
Also, the other aircraft which is owned by Aztec Worldwide, is "partnered" to Twin Air. I would guess a mutual agreement or trade-off between the two.
Just general information for anyone interested.
BTW - The service I used to find the lease allowed me to view the 8 page document, but wanted over $100.00 to download or print.
I'm working on a letter to send requesting either a conference call or an on-line chat session.
Had meetings all day today, so didn't get time do do much.
I think it's a sense of frustration, most here looked at AAVG differently than most pennies and there was a sense of confidence in the management team. To find out that the management has been apparently purposely keeping certain events from us and have failed to keep up required filings without any concern or explainantion on their part is a bit disconcerting.
If it was any other penny I think most would have just dismissed the issues or sold and moved on.
It's going to be very interesting to see how this all plays out in the end.
Maybe when I send the letter, I'll send a blank 8K with instruction on how to complete one!
I normally fly JetBlue, free soda and snacks, and they are almost never, oops I mean always on time!
Your wrong fish, they also no longer serve the little cookies with the coffee at the reservation desk. A real blow to business! LOL
Getting away from talk of the company. One issue here has been anytime investors here put up their funds to slap the ask and move the pps, there always seemed to be some flipping which held us down. Logically, with the share structure and ask slapping that went on, this should have moved to .0045+ easily.
It's tiring buying the same shares levels over and over.... IMO
I'll work on a letter over the next few days and put a draft up here Thursday or Friday. No electronic signatures required, not going to mention any names, just that it would be a letter representing a number of investors.
Responding to FISH, this has gone way beyond just filing the 10K late. There is so much more they need to answer and why we have not been kept informed of the events.
Could even ask to do it in a chat room environment, that way they don't actually have to talk directly to us!! LOL
It's worth a try...
It takes no effort on their part..
Here's a thought, does anyone here agree.
We send a Certified Letter to Clay Gamber with copy to other Board members requesting an Investor Conference call to get questions answered.
If they agreed we could use one individual here as a spokesperson, others could listen in on the call.
If they don't agree, I guess that tells us quite a bit.
Not bash boat....just the truth boat. Everything I post, I have verified and know to be true, unless I state it's my opinion. It's important at this point to know what we are holding or trading.
Here's some fact..it's good.
In June 2011 Avstar formed an alliance with Aztec Worldwide Airways. In my DD, I found that Aztec had 3 planes, one passenger plane and 2 cargo planes. The 3rd plane that Twin Air is currently operating, is the former only passenger aircraft of Aztec. Now this is my opinion: I believe that Aztec has turned over their Bahama passenger operation to Twin Air/Avstar and is now only consentrating on the cargo operation. If you remember back last year, Avstar indicated they were expanding their cargo/freight operation. IMO, Twin Air is doing passenger and Aztec is doing cargo, a true alliance.
The Aztec plane that Twin Air operates, has had the Aztec markings removed, the tail numbers remain the same.
Actually the 4th plane, they have determined is not a financially sound investment to repair, too costly. They will look at other partner leases. This is previously from Henry.
I'm not saying that Avstar will never lease a plane or two from Berry, but I really doubt this big merger or alliance we've all hoped for will materialize.
I actually think Avstar can recover from this bump in the road.
My opinion is;
They should be looking for some fresh financing whether it be private or through share structure.
With the financing, pay off whatever current debt they have and resolve current issues with auditors, late filings, aircraft maint., etc.
Search out a few new destinations, every new destinations adds 4 flights per week until Commuter Status comes.
Update to a current, more inviting website.
If Sonny Berry is an aquaintance of Gamber, have a sit-down with him and get some business input. We know Berry does it right.
Above all, be honest with your investors and provide periodic factual information.
Please don't BS people. 4 planes, 2 of theirs, one leased and one non-operational. 3 planes flying. Right from Avstar.
I don't think it's a scam, started out as good intentions, but all the eggs were put into the DOT/CUBA and Bahama basket. I'm taking Berry right out of the picture now, because I don't think for a minute that Berry will touch Avstar now given the flight violations and SEC Violations. Berry is not going to do anything to jeopardize their military government contracts by an association with Avstar.
I think Avstar has not been business smart and has now boxed themselves into a situation that will be difficult to resolve without financial help.
Here's one thing I've always had a concern about. Twin Air was owned by Gamber before being aquired by Avstar. It's been unclear, what compensation or agreement came with the transfer from Gamber. Suddenly, Gamber becomes CEO of Avstar, was this part of the deal? I've been unable to find these details.
I think it's pretty evident that cash is an issue with Avstar right now, they still haven't paid Clay Thomas to retrieve books to complete financials, still haven't moved to acquire another auditor, closed Texas operation, non-updated website. Busy season usually ends about this time, even so, they are limited to the number of flights, so busy season or not, there is a revenue ceiling which would equal 4 flights per week, per destination, times 3 aircraft, if all three are operational at all times.
I have asked some of these questions by email and get no answer.
Wonder what MM FANC (Finance 500 Inc) is doing up there hiding shares. Makes you wonder what they are up to. FANC has many investigations and penalties under their belt, as late as this Feb. when they were restricted from trading for 10 days. They alledgedly were selling billions of unregistered shares of a company. Why is AFPW attracting these low-life MM's?
I wouldn't get to concerned about no volume, we've had this in the past. Even back months ago there would be no morning volume.
Look at it this way, there is also no selling....
I know they are still flying, I verified that fact. I light of their present situation, how much longer they can keep planes in the air is the big question.
I personnally believe this company need an influx of cash to climb out of their present situation. I little more agressiveness from the management team would certainly help too.
I think this board benefits now from people not sugar-coating this company and only deal with the fact as we know them. A few here have been putting out inaccurate information about new business, needing a better auditor than Clay Thomas (Clay Thomas has clients such as Hilton Hotels, Armour Foods, Atlas-Copco and other international companies) due to more important business, more flights, etc. That is just a bunch of BS. We need people here that stay because of what the company is, not what others our telling them it is.
My opinion is this company has no intention at this point of filing anything, they haven't even settled with Clay Thomas, how are they going to pay another auditor? The promise of an 8K over two weeks ago, where is it? It takes a few minutes...
I wish that I was in Florida, I would love to be in Florida so I could go there and look someone in the eye and say WTF.
A party in German? NOOOOOOOOOO!
Everytime if see a Facebook picture of my nephew in Germany, he's either at a party or paintballing, or both.
Brought him over last summer, took him to a large Irish festival and he was showing the Irishmen how to drink!! hahaha
Sorry to get off topic...
Really....Who cares who is selling, dillution or not. The discussion has no point. You can't stop the selling!, can't call the MM and say, "hey, you stop that now".
Just get over it, keep pressure on the ask, buy cheap when you can and hold them shares. Pressure on the ask!! Green days attract investors, red days attract flippers.
IMO
AFPW
They need to clarify...
Who is the auditor, they are a publically traded company, it's public information under SEC rules.
New flights?, or new destinations? They are limited to 3 flights to each destination per week, so lets hope they mean new destinations.
Well lets hope that 8K comes out, of course we've been hearing that for two weeks now.